Steve Cohen Revamps Point72’s Big Data Group After Early Stumble (Bloomberg)
Steve Cohen is revamping his big data operation again at Point72 Asset Management. The hedge fund named Kirk McKeown to a new position of director of proprietary research to oversee three different groups: Aperio, Data Sourcing and Strategy, and Point of the Spear, according to a person with knowledge of the firm. Point72, which makes long and short equity bets, aims to improve collaboration across the units that deliver trading insights to the firm’s money managers. Point72, which has been raising money from outside investors after a two-year ban, has struggled along with other hedge funds in turning big data into big profits. Cohen’s firm has been pushing to improve collaboration between scientifically minded quants and managers who rely more on experience to read markets.
Starboard Adds Two More Nominees to Newell Board Slate (Reuters)
(Reuters) – Hedge fund Starboard Value LP said on Monday it nominated two additional directors to the board of Newell Brands Inc (NWL.N), taking its total nominees to 12 as the activist investor seeks to replace the board and the chief executive. The nominations come two weeks after Newell named two new independent directors, expanding the board size to 11, in an attempt to rebuff Starboard’s efforts. Starboard, which owns about 4 percent of Newell, has said the company has underperformed peers and mismanaged the integration of Jarden Corp, which it bought in 2016. “We are writing today as our serious concerns have become even more elevated, and even more apparent, following the recent and abrupt resignation of yet another Newell director,” Starboard said in a letter to Newell’s shareholders on Monday.
Clearwater Capital Is Investing More in Indian Distressed Debt (Bloomberg)
Clearwater Capital Partners LLC says it is allocating more money into distressed debt in India as an increasing number of companies are dragged into insolvency proceedings. “We have probably allocated more capital recently in India relative to China,” said Robert Petty, a co-founder at the Hong Kong-based fund specializing in direct lending, distressed and special situation opportunities in Asia. A $2 billion bank fraud at Punjab National Bank and rising bankruptcy cases have rocked the South Asian nation this year, presenting new opportunities for hedge funds focusing on the latest fallout in banking and other key industries. Regulatory pressure for banks to recognize bad loans has also led to a 30 percent jump in non-performing loans, Fitch Ratings said in a Feb. 22 note.
Is Oil Price Volatility A Thing Of The Past? (Forbes)
His announced retirement alluded to the lack of volatility in the oil market as a reason to shut down his hedge fund, but T. Boone Pickens’ announcement should be taken with an Everest-sized grain of salt. Granted, at 89 and with a long and storied career behind him, Mr. Pickens could hardly be faulted for wanting to take a well-deserved retirement. He has made major contributions to corporate governance (for good or ill, depending on your point of view), carried out a number of successful oil and gas trades, and worked tirelessly to promote the use of natural gas as a clean alternative to fuels like diesel. But is oil price volatility gone, or just temporarily dampened.
Insider Buying: Trinity Industries Inc (TRN) Major Shareholder Purchases 350,000 Shares of Stock (BaseBallNewsSource.com)
Trinity Industries Inc (NYSE:TRN) major shareholder Holdings L.P. Valueact bought 350,000 shares of the stock in a transaction on Wednesday, February 28th. The stock was purchased at an average price of $32.85 per share, for a total transaction of $11,497,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission.
Insider Buying: Axis Capital Holdings Limited (AXS) Director Purchases $1,247,500.00 in Stock (RegistrarJournal.com)
Axis Capital Holdings Limited (NYSE:AXS) Director Charles A. Davis purchased 25,000 shares of the business’s stock in a transaction on Wednesday, February 28th. The stock was acquired at an average cost of $49.90 per share, with a total value of $1,247,500.00. Following the completion of the acquisition, the director now directly owns 34,063 shares in the company, valued at approximately $1,699,743.70. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission.
Insider Selling: I.D. Systems, Inc. (NASDAQ:IDSY) Major Shareholder Sells 65,000 Shares of Stock (WeekHerald.com)
I.D. Systems, Inc. (NASDAQ:IDSY) major shareholder Emancipation Management Llc sold 65,000 shares of I.D. Systems stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $7.90, for a total transaction of $513,500.00. The sale was disclosed in a document filed with the SEC.
Insider Selling: Monolithic Power Systems, Inc. (MPWR) CEO Sells 20,429 Shares of Stock (LedgerGazette.com)
Monolithic Power Systems, Inc. (NASDAQ:MPWR) CEO Michael Hsing sold 20,429 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $111.15, for a total value of $2,270,683.35. Following the completion of the sale, the chief executive officer now owns 1,297,572 shares in the company, valued at $144,225,127.80. The sale was disclosed in a filing with the Securities & Exchange Commission.
Insider Buying: Black Stone Minerals LP (BSM) CEO Acquires $245,782.40 in Stock (RegistrarJournal.com)
Black Stone Minerals LP (NYSE:BSM) CEO Thomas L. Carter, Jr. bought 14,240 shares of the stock in a transaction dated Thursday, March 1st. The stock was bought at an average price of $17.26 per share, for a total transaction of $245,782.40. Following the purchase, the chief executive officer now directly owns 972,182 shares of the company’s stock, valued at $16,779,861.32. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.